In an effort to keep Hampton Roads Realtors®, agents, brokers
and lenders up to date on title and closing issues,
Reliant Title is now publishing a bi-weekly email we
thought you might be interested in.
Owner's Title Insurance: We've occasionally seen buyers come to
the closing table and not purchase Owner's Title Insurance.
While this insurance is not mandatory, it is highly recommended because
it guarantees the validity of a title to real property.
There are many possible defects in titles that may be so well hidden even
the most careful examination will not discover them.
Owner's Title Insurance protects your clients from financially devastating
claims by others against their new homes. After all, those kinds of
incidents gave birth to Owner's Title Insurance.
If the buyers decide not to purchase the insurance, so be it.
But if you recommend they not buy it, and there is a title claim,
you could potentially be liable because you acted in a professional
capacity and gave advice that your client acted on.
Please make sure your clients understand what they're neglecting by
not purchasing Owner's Title Insurance at the closing.
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